The number of liquefied natural gas cargoes pointing at Asian import terminals and being delivered this week increased as prices also edged higher while European natural gas benchmark values declined as storage levels roseacross Europe.
European LNG and wholesale natural gas day-head andfutures prices declined over the past week as mid-Summer arrived and storage began to swing towards peak levels while cargo deliveries slowed to Chinese and European regasification terminals.
European LNG and wholesale natural gas prices dropped by almost 5 percent over the past week while North Asian spot LNG cargo prices were firmer even as cargo volumes pointing at Japan began to decline amid high storage levels as is normal at this time of year in the East and West of the Northern Hemisphere.
Global liquefied natural gas and spot and future wholesale pipeline gas prices lost some ground over the past week though the market remained volatile as shipping insecurity on Middle East routes was expected to last into 2025.
European liquefied natural gas and wholesale pipeline gas prices soared by over 16 percent on the week while stronger Asian spot cargo values and higher global gas futures prices signalled a return of volatility to a market harbouring doubts about the stability of supplies.
Liquefied natural gas and wholesale pipeline gas values in Europe and Asia as well as US Gulf Coast LNG cargo futures rebounded on higher demand forecasts even as storage was mixed and temperatures warmer.
European liquefied natural gas prices surged by more than 12 percent this week even as gas storage builds gathered pace at the same time as worsening geopolitical problems from the Russia-Ukraine conflict to the growing tensions in the Middle East region.
Asian liquefied natural gas cargo prices moved higher in the past week while European Union natural gas values declined, opening trading opportunities while crude oil prices jumped to seven-month highs and Middle East geopolitical tensions increased.
European and Asian liquefied natural gas cargo pricesincreased for a fourth straight week with the Northern Hemisphere winter gas season ending on a high storage note and as some European Union nations even built their storage this week as demand was mixed in the north and the south.
Asian liquefied natural gas prices and European cargo values increased for a third week as the Northern Hemisphere winter gas season is set to close with high storage yet to be tested for a second year by adverse weather while crude oil hit a four-month high on negative supply forecasts.